UBS, which holds around $1.5 trillion of client money in its wealth management divisions, has decided to combine its investment and research functions.

“A network of this scope will further strengthen WM's global investment process, which already leverages the expertise of more than 900 investment specialists across UBS, while significantly enhancing our ability to analyse the markets and develop tailored, innovative investment strategies for our clients,” according to an internal memo seen by this publication.

As part of the move, Friedman will continue to report to Jürg Zeltner, CEO of UBS Wealth Management, and additionally have a regional reporting line to Bob McCann, CEO Wealth Management Americas.

Mike Ryan will continue to lead the wealth management research team in WMA and serve as chief investment strategist for WMA.

Anthony Roth, in addition to his current role as head of wealth management strategies, will be head of asset allocation and portfolio construction for WMA. Both men will have a functional reporting line to Friedman, and report locally into Wealth Management Americas to Bill Carroll, head of investment solutions.

In addition to his current roles, Andreas Höfert will serve as chief economist for Wealth Management Americas and he will be located in New York.